Bank of New York Mellon Corp Has $58.43 Million Position in Avnet, Inc. (NASDAQ:AVT)

Bank of New York Mellon Corp grew its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 4.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,116,697 shares of the company's stock after purchasing an additional 43,547 shares during the period. Bank of New York Mellon Corp owned about 1.28% of Avnet worth $58,426,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in shares of Avnet in the 3rd quarter valued at about $51,000. Principal Securities Inc. increased its holdings in Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after buying an additional 211 shares during the last quarter. GAMMA Investing LLC increased its holdings in Avnet by 18.6% in the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock worth $114,000 after buying an additional 341 shares during the last quarter. KBC Group NV increased its holdings in Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company's stock worth $176,000 after buying an additional 1,200 shares during the last quarter. Finally, Longboard Asset Management LP acquired a new position in Avnet in the fourth quarter worth approximately $207,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Avnet Stock Performance

AVT stock traded up $1.29 during midday trading on Friday, hitting $50.44. 829,325 shares of the company traded hands, compared to its average volume of 622,225. Avnet, Inc. has a twelve month low of $45.50 and a twelve month high of $59.24. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The business has a 50 day simple moving average of $51.65 and a 200-day simple moving average of $53.10. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09.

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Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. As a group, equities research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a $0.33 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.62%. Avnet's dividend payout ratio is 37.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial dropped their price objective on Avnet from $54.00 to $52.00 and set a "hold" rating on the stock in a report on Thursday, January 30th.

Avnet Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.